Ron Biscardi

CEO and Co-Founder, iConnections

Ron Biscardi is the CEO and Co-Founder of iConnections. Ron has over 25 years of experience in the alternative investment industry, and has closed over 20 seed deals and deployed over $600 million in capital. His achievements include building the world’s largest capital introduction conference which takes place annually in Miami Beach. In April 2020, he founded iConnections, an online community for alternative investment professionals with philanthropy at its heart. Funds4Food, the first event organized by iConnections, raised $1.9 million for victims of the global pandemic. iConnections has hosted some of the largest events in the industry in partnership with AIMA and 100 Women in Finance.

Jiří Król

Deputy CEO & Global Head of Regulatory Affairs, AIMA & Global Head, Alternative Credit Council

Mary Bates

Managing Principal, Private Markets Consultant, Meketa Investment Group

Ms. Bates is a private markets consultant with a focus on private credit and other alternative asset classes.  She joined Meketa in 2019 as part of the merger between Meketa and Pension Consulting Alliance (PCA).  
Prior to joining PCA in 2017, Ms. Bates served as the Director of Credit Strategies at Silver Creek Capital, a Seattle-based alternatives investment manager.  Prior to joining Silver Creek, she spent over 11 years at Hewitt EnnisKnupp (HEK) (and the legacy EnnisKnupp & Associates) where she most recently served as a Senior Research Consultant on the Liquid Alternatives team.  While at HEK, Ms. Bates was a key team member working with the U.S. Treasury on the  Public Private Investment Program under Troubled Asset Relief Program.  Prior to joining HEK, Ms. Bates began her career at Lehman Brothers in New York where she was an analyst on the emerging market debt desk.
Ms. Bates holds a Bachelor of Science in Business Administration with a concentration in Finance from Indiana University.

Anthony Waskiewicz

CEO and CIO, Investment Office Resources

Mr. Waskiewicz is a mission-driven leader, skilled investor and institutional investment expert with over 30 years of industry experience, including nearly 20 years of experience serving in the capacity as Chief Investment Officer. In his capacity as CIO, Mr. Waskiewicz built industry recognized investment programs while overseeing multi-asset class reserve, foundation and pension portfolios.  Motivated by the pursuit of excellence, a desire to make a difference, and passion to serve others, he is known for his ability to build vibrant cultures where employees are valued and appreciated.  

Mr. Waskiewicz recently launched Investment Office Resources, LLC (IOR), a shared resource platform supporting internal investment offices.  Prior to launching IOR, Mr. Waskiewicz served as Chief Investment Officer for Mercy Health (St. Louis, MO), joining the nation’s 5th largest Catholic health system as the system’s first Chief Investment Officer.  During his tenure, he built an award-winning investment program managing the health system’s $3B investment program comprising reserve, pension, and foundation assets.  Under his leadership, Mercy received industry recognition, including Institutional Investor Investment Committee of the Year (2018) and Investor Intelligence Healthcare Plan of the Year (2015). During his tenure, Tony was named AI-CIO Healthcare CIO of the Year (2018), Institutional Investor Healthcare Chief Investment Officer of the Year (2014), and was listed on Trusted Insight’s Top 30 Healthcare CIO list.  At the conclusion of his tenure at Mercy, Mr. Waskiewicz was ranked #31 on AI-CIO’s Power 100 CIO list.   

Prior to joining Mercy Health, Mr. Waskiewicz served as Vice President and Chief Investment Officer for the Clark family’s holding company, Clark Enterprises, Inc., one of the largest private holding companies in the country, where he successfully led the investment process and achieved strong returns managing five large investment funds.   Before joining Clark Enterprises, Inc., Tony established an investment and institutional management foundation working with and learning from industry leaders at T. Rowe Price, Mercer Investment Consulting, Evergreen Investments and Morgan Stanley.  

Tony earned his MBA with a concentration in Finance, from the Sellinger School of Business Management-Loyola College and BS degree in Business Administration from Washington & Lee University.   

Nicholas Smith

Managing Director, Private Credit, Alternative Credit Council

Nick Smith joined AIMA in February 2017 as Director, Private Credit for AIMA’s private credit affiliate, the Alternative Credit Council (ACC).  His role focuses on public policy and regulatory issues affecting private credit managers as well as the ACC’s active research and events programme.

Nick has 10+ years of experience in public affairs having previously worked in advocacy roles for the retail, banking and asset finance sectors. Nick has a degree in Politics and Modern History from the University of Manchester and Chairs the networking group Labour in the City.

Craig Lehner

Senior Investment Officer, New York State Common Retirement Fund

Mr. Lehner is a Senior Investment Officer on the Credit and Opportunistic/ARS team of the New York State Common Retirement Fund. He joined the fund in December 2014.

Prior to joining the Common Retirement Fund, Mr. Lehner served in a variety of positions, including, General Counsel and Chief Compliance Officer of Gotham Asset Management, Administrative Law Judge for the City of New York’s Office of Administrative Trials & Hearings, Senior Managing Director & General Counsel of Nikko Asset Management, and General Counsel of CitiFinancial Japan. Prior to joining Citigroup, he was an M&A lawyer at Skadden, Arps, Slate, Meagher & Flom LLP, and an investment banker at Morgan Stanley.

Mr. Lehner was graduated magna cum laude from the Wharton School of the University of Pennsylvania as well as the Law School of the University of Pennsylvania. He was Managing Editor of the University of Pennsylvania Journal of International Economic Law and is admitted to the bar in New York State.
 

Richard Grimm

Managing Director & Private Credit Specialist, Cambridge Associates

Richard is a Managing Director and Private Credit Specialist within the Pensions Team at Cambridge Associates, working with many of the firms largest investors in the private credit asset class. He has over 20 years of experience as an investor and helps lead the firm’s private credit efforts, performing due diligence on investment opportunities in performing corporate credit, specialty finance, special situations, and distressed markets and sits on the firm’s Credit Investment Research Committee.

Prior to joining Cambridge Associates, Richard was a Managing Director of Value Recovery Capital, where he focused on US and European special situations, distressed, and credit opportunities and served on the Investment Committee.  Previously, he spent 13 years as an investor with Soros Fund Management and successor entities, including TowerBrook Capital Partners, and Camulos Capital, the former credit arm of SFM. At TowerBrook, Richard was a Senior Principal based in New York and London. He created the firm’s distressed investing business plan and led the firms distressed credit investing efforts in addition to completing more traditional private equity and mezzanine investments. At Camulos, Richard was a Credit Officer focused on special situations, distressed, direct lending and long/short leveraged loan and high yield investments in the US, Europe and Australia. Earlier in his career, Richard was a Senior Analyst at Donaldson, Lufkin & Jenrette focused on leveraged finance origination and an Analyst within Goldman Sachs PCS. Richard has broad geographic investment experience, having completed investments in 14 countries.

EDUCATION
BA, Economics and Mathematical Methods in the Social Sciences, Northwestern University

Michelle Noyes

Managing Director, Head of Americas, AIMA

Daniel Khouri

Partner and Head of US Investments, Pollen Street Capital

Dan joined Pollen Street in December 2020. Prior to this, Dan served six years as Co-Head of Private Credit at Colchis Capital Management, a credit investment fund manager in San Francisco, two years as a Principal at Atalaya Capital Management, a credit opportunities fund manager in New York, three years as a Vice President at TTM Capital, a credit opportunities fund manager in New York (merged into Atalaya), four years as a Senior Associate at D.B. Zwirn & Co., a multi-strategy hedge fund manager in New York,  and two years as an Analyst at Citigroup in Fixed Income Capital Products in New York.

Dan graduated from the University of Pennsylvania with a B.S.E. Systems Engineering and a B.A. in Economics. Dan is a Chartered Financial Analyst® (CFA).

Taylor Boswell

Chief Investment Officer, Carlyle Direct Lending

Taylor Boswell is the Chief Investment Officer of Carlyle Direct Lending and a Managing Director in Global Credit. He is based in New York. 

Prior to joining Carlyle, Mr. Boswell was employed by Apollo Global Management ("Apollo") from 2013 to 2017. At Apollo, Mr. Boswell served as a Managing Director and Investment Committee Member in the Illiquid Opportunistic Credit Business, where his primary responsibilities included the sourcing, execution and management of complex, credit-oriented investments across a wide variety of sectors and geographies.

Before joining Apollo in 2013, Mr. Boswell was a Director at Perella Weinberg Partners, where he spent seven years focused on special situations corporate investing, as well as helped to grow that firm's investment management business from inception to over $10bn in assets under management. Earlier in his career, Mr. Boswell served as a private equity associate at Providence Equity Partners as well as an investment banking analyst at Deutsche Bank. Mr. Boswell received a BA in political-economy from Princeton University. 

David Scopelliti

Global Head of Private Credit, Mercer

Milwood Hobbs, Jr.

Managing Director & Head of North American Sourcing & Origination, Oaktree Capital Management

Milwood leads Oaktree’s North American Sourcing and Origination (S&O) group, which focuses on private credit sourcing and deal origination for the firm’s Direct Lending, Special Situations and Opportunities investment teams. He also serves on the investment committee for Oaktree’s Direct Lending strategy. Prior to joining the firm in 2013, Milwood was an executive director at Natixis Securities focused on building the high yield sales and trading franchise. Prior thereto, he spent five years at Goldman Sachs as a vice president in leveraged finance origination and sales. Before joining Goldman Sachs in 2007, Milwood was a director in Leveraged Finance at Deutsche Bank Securities, which he joined in 2000. Additional experience includes regional account management focused on fleet financing at GE Capital Corporation and controller for Leveraged Finance at Bank of America. Milwood received his M.B.A. from Columbia Business School and a B.S. degree in accounting from Rutgers University.

David Scopelliti

Global Head of Private Credit, Mercer

Nicholas Smith

Managing Director, Private Credit, Alternative Credit Council

Nick Smith joined AIMA in February 2017 as Director, Private Credit for AIMA’s private credit affiliate, the Alternative Credit Council (ACC).  His role focuses on public policy and regulatory issues affecting private credit managers as well as the ACC’s active research and events programme.

Nick has 10+ years of experience in public affairs having previously worked in advocacy roles for the retail, banking and asset finance sectors. Nick has a degree in Politics and Modern History from the University of Manchester and Chairs the networking group Labour in the City.

Kristen Jones

Head of US Private Credit and Senior Private Markets Investment Due Diligence Research Analyst, Albourne

Kristen Jones is a Partner, Head of US Private Credit and Senior Private Markets Investment Due Diligence Research Analyst. Kristen holds primary responsibility for maintaining coverage on a range of Private Credit sub-strategies including US stressed and distressed (including control, non-control, asset-backed and distressed lending), US direct lending, and multi-strategy credit. She also covers US Turnaround (i.e., distressed equity) and a number Esoteric strategies, such as drug royalties and litigation finance. In addition to providing intensive onsite due diligence, strategy forecasts, written manager evaluations and investment recommendations, Kristen directly supports the Albourne Head of Private Markets and Albourne COO as a project manager and function liaison for Private Markets initiatives. Before joining Albourne in 2009, Kristen worked at Waycrosse, Inc. Cargill and MacMillan Family Office (2006-2008) and Lacrosse Global Fund Services in the cash and collateral group (2008). Kristen is based in Minnesota and reports through Albourne's San Francisco office. Kristen holds a BSB Finance with High Distinction from the University of Minnesota, Twin Cities Curtis L. Carlson School of Management.

Nicole Byrns

MD, Americas Structured Credit and Financials, CPPIB

Nicole joined CPPIB in 2019 and focuses on investment opportunities across the structured credit sector including CLOs, consumer finance and specialty finance sectors. Prior to joining CPPIB, Nicole worked at Deutsche Bank’s Global Credit Trading group where she focused on structured credit opportunities in the fintech, aviation, mortgage and esoteric industries.
Previously, she was at Garrison Investment Group and Citi where she was responsible for originating and executing financings and asset purchase arrangements with specialty finance companies. Nicole began her career at Citi where she spent almost a decade in their principal finance and securitization groups.
Nicole holds a B.A. from Wellesley College and an M.A. in Law and Diplomacy from the Fletcher School at Tufts University.  She also attended L’Institut d’Etudes Politiques de Paris as a Rotary Foundation Ambassadorial Scholar. 

Dwight Scott

Global Head of Credit, Blackstone Credit

Dwight Scott is the Global Head of Blackstone Credit. Mr. Scott oversees the management of Blackstone Credit and sits on the investment committees for Blackstone Credit’s energy funds, performing credit funds and distressed funds. Prior to his current role, Mr. Scott managed the energy investing activity at Blackstone Credit, where he remains active. Before joining Blackstone Credit, then known as GSO Capital Partners, in 2005 Mr. Scott was an Executive Vice President and Chief Financial Officer of El Paso Corporation. Prior to joining El Paso, Mr. Scott served as a Managing Director in the energy investment banking practice of Donaldson, Lufkin & Jenrette. Mr. Scott is currently a Director of GEP Haynesville. He is a member of the Wall Street for McCombs Advisory Board and the Trout Unlimited Board. Mr. Scott graduated from the University of North Carolina and the University of Texas’ McCombs School of Business.

Ashley Baum

Director of Special Opportunities, Investment Management Division, Teacher Retirement System of Texas (“TRS”)

Ashley Baum is the Director of Special Opportunities in the Investment Management Division for the Teacher Retirement System of Texas (“TRS”).  She heads a 7-person cross-asset team she founded in 2013 to opportunistically deploy capital in areas the Trust might otherwise miss.  She also serves on the Management Committee.  Her team partners internally and with external hedge fund, public equity and credit relationships; approximately 55% of the portfolio is available for single-name or thematic co-investment. Ashley joined the Investment Division of the Teacher Retirement System of Texas (“TRS”) in October 2007 in External Private Markets, focusing on private equity, real asset, and special situation/credit investments. Ms. Baum transitioned into the Investment Executive Division from 2010 to 2013 where she served as Chief of Staff to then-CIO Britt Harris.  She also led TRS’ 2014 Strategic Asset Allocation Study. 

Before joining TRS, she worked as a Senior Associate in Transaction Services in San Francisco for PricewaterhouseCoopers. Ashley began her career in accounting policy research as a Postgraduate Technical Assistant at the Financial Accounting Standards Board (“FASB”).  Ms. Baum has a BBA in Business Honors and Accounting and an MPA in Accounting, both with Highest Honors, from the University of Texas at Austin. She is a CFA charterholder and holds her CPA license in Texas.

Patrick McGowan

Managing Director, Head of Alternative Investments, Sanctuary Wealth

Patrick McGowan is a Managing Director and Head of Alternative Investments at Sanctuary Wealth. In this role, Mr. McGowan oversees a team responsible for all alternative investment matters including manager sourcing, due diligence, selection, and monitoring. He serves as a member of the Alternative Investment Committee.

Previously, Patrick was a Senior Vice President and Head of Product Management at Azimut Alternative Capital Partners, the New York-based GP-stakes arm of Azimut Group, one of the largest independent wealth management companies in Europe.

Mr. McGowan joined Azimut from Invesco Private Capital, the $1 billion private equity and venture capital arm of Invesco (NYSE: IVZ), focusing on efforts for Invesco’s CalSTRS SMA and a fund-of-funds. 

Prior to Invesco, Mr. McGowan was at OC Private Capital, a joint venture between The Carlyle Group and OppenheimerFunds, the advisor to a $1 billion close-ended interval fund focused on private credit.

Prior to this role, Mr. McGowan was a Senior Director at AI Insight, supporting RIAs and wealth management firms’ alternative investment due diligence efforts, and establishing regulatory and fiduciary best practices. 

Mr. McGowan started his career at OppenheimerFunds, then worked at Altegris Investments as a Vice President, and then was a Senior Director at AI Insight, an alternative investment due diligence and research firm. 

Mr. McGowan earned a bachelor’s degree from Vanderbilt University in Nashville, TN. He holds FINRA Series 7 and 63 registrations.
 

Laurie Goodman

Global Head of Investment and Wealth Solutions, Jefferies Wealth Management

Laurie is the Global Head of Investment and Wealth Solutions at Jefferies Wealth Management. Prior to joining Jefferies, Laurie spent over 12 years at Bank of America Merrill Lynch as the Head of Equity Long/Short Hedge Fund Research, overseeing equity hedge fund and liquid alternatives third party assets for a $50Bn plus alternatives platform. Prior to joining Bank of America, Laurie worked at Bear Stearns and Washington Analysis in institutional equity sales. Laurie holds an MA in International Economics from Johns Hopkins University School of Advanced International Studies (SAIS) and a BA in Economics from Johns Hopkins University.  

Susan Burkhardt

Partner, Funds & Investment Management, Clifford Chance

Susan Burkhardt is a Private Funds partner in the New York office of Clifford Chance, where her practice focuses on the formation of, and ongoing advice to, private investment funds, accounts and structures across strategies, with a primary focus on credit and private equity. Prior to joining Clifford Chance as a partner in 2021, Susan worked as the Managing Director, Client & Product Solutions Group and Head of New Product Structuring at Apollo Global Management. Before joining Apollo she spent six years of her career at GSO Capital Partners/The Blackstone Group, focusing primarily on the formation of private investment funds, including both open and closed end fund vehicles.

Over the course of her career Susan has advised on the legal and commercial aspects of new fund product launches, including funds-of-one, separately managed accounts, flagship and overflow accounts, and customized and strategic multi-strategy arrangements, including developing of terms, addressing marketability considerations, conducting cost-benefit analyses, and managing structuring issues, product documentation, and negotiations with leading institutional investors across the globe.

Ricardo Lanfranchi

CEO & President, Bradesco BAC Florida Investments

Ricardo Lanfranchi
Professional Background
2021 – Current          Bradesco        Miami, FL
CEO & President of Bradesco BF Investments and Bradesco Global Advisors, responsible for international securities distribution for private banking and retail customers. 
2016 – 2021          Bradesco        São Paulo, SP
CEO & President of Bradesco CTVM and Agora Investimentos, responsible for securities distribution for private banking and retail customers. Built the business plan and captained the execution of Agora Investimentos overhaul and re-launch. Also holds statutory responsibilities for the institutional brokerage desks (equities, futures and derivatives); relationship management with the local securities exchange (BMFBovespa – member of the Brokerage and Regulatory Commissions) and the market regulators (CVM, Central Bank, BSM – the exchange SRO); Board Member of Ancord, the Brazilian Broker Houses Association.
2013 – 2016        HSBC            São Paulo, SP
CEO & President of HSBC CTVM and Head of Brokerage Latam, hired to overhaul the whole equities, futures and derivatives platforms in Brazil and Mexico; relationship management with clients, the local securities exchange (BMFBovespa – member of the Brokerage Commission) and the market regulators (CVM, Central Bank, BSM – the exchange SRO); local exposure risk control; overall supervision of equities, futures and derivatives trading desks; prospective customers search; execution of equity capital markets transactions.
2009 – 2013        Barclays        São Paulo, SP
CEO & President of Barclays CTVM, responsible for the whole equities platform build out; relationship management with clients, the local securities exchange (BMFBovespa – member of the Equities Commission) and the market regulators (CVM, Central Bank, BSM – the exchange SRO); local exposure risk control; overall supervision of equities trading desk; prospective customers search; execution of equity capital markets transactions.
1997 – 2009        Merrill Lynch        São Paulo, SP
CEO & President of Merrill Lynch CTVM (broker dealer) and co-CEO of Merrill Lynch Brazil (2003-2005), responsible for the relationship management with clients, the local securities exchange (membership in many steering commissions) and market regulators (CVM, Central Bank); local exposure risk control; overall supervision of the fixed income, equities and derivatives trading desks; prospective customers search; definition and management of budgets and goals; execution of equity capital markets transactions; technology adoption (DMA, Algo Trading, etc) and automation of processes.
1995 – 1997        Banco Garantia    São Paulo, SP
Sales trader, starting the Brazilian clientele coverage business. Also covered few international customers for equities products through an integrated approach (cash and derivatives altogether). Member of the local broker dealer build out team.

Academic Background    
2019 – 2019    IESE Business School, University of Navarra
Executive MBA - AMP
1986 – 1990    UFSCar - Universidade Federal de São Carlos
BS, Computer Engineering

Spoken Languages    
English – bilingual proficiency;
Portuguese – native proficiency;
Spanish – full professional proficiency;
Italian –  professional working proficiency.

Nick Cimino

VP, Senior Manager Research Analyst – Alternative Strategies, PNC Asset Management Group

As a member of the Investment Office for PNC Asset Management Group, Nick functions as the resident expert on alternative credit and private investments for PNC’s Private Bank and Institutional Asset Management business lines.  In addition to sourcing, diligencing, and underwriting new investment opportunities in his coverage areas, Nick serves as a product manager/product specialist for the strategies he covers, regularly participating in client and prospect meetings (alongside PNC investment advisors and business development personnel) to grow and retain assets under management.  Nick joined the Investment Office of PNC Asset Management Group in October 2011 as part of a small team that initiated the build out of the organization’s open architecture alternative capabilities, and has accumulated a wealth of experience and knowledge across the entire spectrum of hedge fund and private markets strategies during his tenure at PNC.  

Lynn O'Connell, CAIA

Senior Portfolio Advisor, Aksia

As a Senior Portfolio Advisor, Lynn is part of the Portfolio Advisory team in North America responsible for private credit and hedge fund programs, including portfolio construction, risk management and manager evaluation. She focuses on portfolio analysis and implementation, manager sourcing and selection, investment and due diligence processes, as well as governance management and reporting. Lynn also works on business development efforts and marketing initiatives within North America.
 
Prior to her current role, Lynn was a Portfolio Advisor on the US Portfolio Advisory team. Before that she was a Senior Analyst on the Operational Due Diligence team focusing on assessing the operational, business, regulatory and fraud risks of alternative investment funds.
 
Prior to joining Aksia in 2012, Lynn was as an Operations Associate at CION Investments, an alternative investment manager, where she supported the investment, accounting, legal and technology departments.
 
Lynn graduated from Binghamton University with a BS in Financial Economics. She has earned the CAIA designation.
 
She is a member of 100 Women in Finance and was recognized as a Rising Star of Hedge Funds by Institutional Investor Magazine in 2017.
 

Stuart Fiertz

Co-Founder, President and Head of Responsible Investment, Cheyne Capital

Stuart Fiertz is the Co-Founder, President and Head of Responsible Investment of Cheyne Capital. Stuart has over 30 years’ experience in investment research and management.  Prior to establishing Cheyne in June 2000, Stuart was responsible for credit research and customised portfolio solutions in Morgan Stanley’s convertible bond practice, following several years in credit and equity research at Lehman Brothers and Merrill Lynch. 

Stuart is passionate about responsible investing and was a key architect of Cheyne’s launch in social impact in 2014.  Stuart participates actively in the investment industry dialogue, speaking frequently at events and summits.

He is a CFA® charterholder and a CAIA designee. He is chairman of the Alternative Credit Council (ACC) and a Founder & Trustee of the Standards Board for Alternative Investments (SBAI). From 2014 until 2020, Stuart was also a council director of the Alternative Investment Management Association (AIMA) board. Stuart was educated at the International School of Geneva and at Dartmouth College where he was awarded a BA degree in Political Science and Economics.

Unmesh Bhide

Managing Director at J.P. Morgan and Co-Founder of PricingDirect

Unmesh Bhide is a Managing Director at J.P. Morgan and Co-Founder & chief product officer of PricingDirect. PricingDirect provides independent evaluated pricing (valuation and pricing data) for more than 2.6 million U.S. taxable fixed income securities and derivatives daily. He is the driving force behind the implementation of machine learning in PricingDirect’s recently launched muni pricing service. 

Prior to joining the firm in 1997, Mr. Bhide worked at the Merrill Lynch Pricing Service where he developed pricing models. He also served as an analyst in the fixed income portfolio management group at Daiwa Securities Trust Company.  

Mr. Bhide earned a B.S. in Physics from the University of Bombay, an M.S. in Physics from the Indian Institute of Technology, and an M.S. in Computer Science from the New Jersey Institute of Technology. He is a member of the Charter Financial Institute and a CFA charter holder since 1997.

When Mr. Bhide is not devising frameworks for new product methodologies he enjoys driving 2,000 mile road trips with his family traversing through our national parks.
 

Peter Pulkkinen

Portfolio Manager, Sustainable Private Credit, Lombard Odier Investment Managers

Peter Pulkkinen joined LOIM in February 2021. Before joining LOIM, Peter was Portfolio Manager for the Avenue Sustainable Solutions Fund. Peter has over 20 years of relevant industry experience having held senior roles at leading institutions with direct responsibility for sustainable private debt investments across renewable energy, infrastructure and project and asset backed finance at firms including BNP Paribas, Silverpeak, UBS AG, and Deutsche Bank AG. Peter began his career in private credit at Lehman Brothers. Peter earned a B.A. in Political Science from the University of New Hampshire (1992) and a Masters in International Affairs from The Columbia University School of International and Public Affairs, with a concentration in International Finance/Economics (2004).